Absa has appointed Sitoyo Lopokoiyit as chief executive of personal and private banking (PPB), effective April 2026.
Lopokoiyit will leave his role as CEO of one of Africa’s largest fintech services, M-Pesa Africa, on March 31 to join the banking group.
Since joining Safaricom in 2011, Lopokoiyit has held several senior leadership roles, including head of M-Pesa strategy and business development. He has also led operations in Tanzania.
He was appointed to lead M-Pesa Africa in 2021, the joint venture between Safaricom and Vodacom, with a mandate to expand the platform’s reach and relevance across African markets.
Focus on customer-centred services
With more than 12 years’ experience in fintech, he played a central role in scaling M-Pesa into a continental powerhouse serving over 56-million customers and more than 5-million businesses.
He has driven major innovations, such as the M-Pesa Super App and Fuliza, while also helping to secure strategic partnerships with global platforms, including PayPal and AliPay.
Absa CEO Kenny Fihla said the decision to bring one of the continent’s most prominent fintech leaders into traditional banking steps up its focus on digital growth and customer-centred services.
“This appointment demonstrates Absa’s strategic focus on delivering integrated, customer-centric solutions across our personal and private banking franchise while unlocking new growth opportunities,” said Fihla.
The group said the appointment marks an important step in strengthening its PPB franchise and unlocking new opportunities through more integrated, customer-focused solutions.
According to Absa, his work in advancing financial inclusion has been recognised globally, including his induction into the 11:FS Hall of Fame, which honours leaders who have significantly improved the financial services ecosystem through innovation and pioneering work. He is also known for supporting small businesses and accelerating the adoption of digital payments across the continent.
Absa said his experience across financial services, telecommunications and large-scale business transformations will support its ambitions to deepen customer value and drive growth.
Appointments reflect depth of talent
The group announced additional leadership changes across its governance and control functions.
Rushdi Solomons has been promoted to group chief internal audit after serving as a managing executive for compliance strategy, regulatory relations, and governance since last June.
Before this position, he was also the chief operating officer of the group’s internal audit after joining Absa in 2020.
Fatima Newman has also been appointed chief compliance officer, effective March 1. Newman brings 28 years of experience across multiple industries, with expertise in risk, compliance, regulatory and governance, as well as financial services.
“These appointments reflect both the depth of talent within Absa and the strength of our succession planning, as well as our ambition to enhance our organisational resilience by bringing onboard expertise from outside the firm to close the gaps in key capability areas.
“We are building a future-fit leadership team, deepening our bench strength, and ensuring the right capabilities are in place to deliver on our strategic ambitions,” said Fihla.
Visit SW YouTube Channel for our video content
